Renewable Energy Fund Loan Programs (Rhode Island)

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Summary

Last modified on February 12, 2015.

Financial Incentive Program

Place Rhode Island

Name Renewable Energy Fund Loan Programs
Incentive Type State Loan Program
Applicable Sector Agricultural, Commercial, Industrial, Institutional, Local Government, Low-Income Residential, Multi-Family Residential, Nonprofit, Schools
Eligible Technologies Anaerobic Digestion, Biomass, Fuel Cells using Renewable Fuels, Geothermal Electric, Hydroelectric, Landfill Gas, Ocean Thermal, Photovoltaics, Solar Space Heat, Solar Thermal Electric, Solar Water Heat, Tidal Energy, Wave Energy, Wind
Active Incentive No

Implementing Sector State/Territory
Energy Category Renewable Energy Incentive Programs
Amount Varies by project type







Start Date 2008-12-15







Maximum Incentive $750,000 (varies by project type)










Program Administrator Rhode Island Economic Development Corporation
Website http://www.riedc.com/business-services/renewable-energy
Date added to DSIRE 2008-12-29
Last DSIRE Review 2013-01-10



References DSIRE[1]


Summary

The Rhode Island Economic Development Corporation (RIEDC) provides grants, loans and other forms of financing for renewable energy projects. These financial incentives are funded by the Rhode Island Renewable Energy Fund (RIREF), which was created in 1996. The four component programs are summarized below:

  • Non-Profit Affordable Housing Investment Program. Available to non-profit affordable housing developers and agencies, this program provides incentives totaling up to $200,000 per year, with a maximum individual award of $100,000. Incentives could take the form of loans, grants, recoverable grants or other financial mechanisms. There are two application deadlines annually (March 31 and September 30).
  • Municipal Renewable Energy Investment Program. Available to municipalities and teams of municipalities, this program provides grants and recoverable grants totaling up to $1 million per years, with a maximum individual award of $500,000. There are two application deadlines annually (March 31 and September 30).
  • Pre-Development Consultant and Technical Feasibility Program. Available to businesses, civic and educational institutions, non-profits, municipalities, and non-profit affordable housing developers, this program provides incentives totaling up to $200,000 per year, with a maximum individual award of $100,000. Incentives could take the form of loans, grants or recoverable grants. There are two application deadlines annually (March 31 and September 30).
  • Renewable Energy Development Program. Available to businesses, civic and educational institutions, non-profits, municipalities, and non-profit affordable housing developers, this program provides incentives totaling up to $750,000 per year, with a maximum individual award of $250,000. Incentives could take the form of loans, grants, recoverable grants or other financial mechanisms. Applications are accepted on a rolling basis.

Renewable energy systems eligible for support from the RIREF include facilities in the New England Power Pool that generate electricity using solar, wind, wave, tidal, ocean-thermal, geothermal, hydro or sustainably-managed biomass resources. Solar-thermal systems (including solar space-heating systems) installed state-certified low-income housing projects are also eligible.

The RIEDC has developed specific criteria to evaluate proposed projects. See the program web site for more information.

2010] (covering the 2009 calendar year).


Incentive Contact

Contact Name Julian Dash
Department Rhode Island Economic Development Corporation

Address 315 Iron Horse Way, Suite 101

Place Providence, Rhode Island
Zip/Postal Code 02908
Phone (401) 278-9138


Email jdash@riedc.com
Website http://www.riedc.com/business-services/renewable-energy
     
     

Authorities (Please contact the if there are any file problems.)

Authority 1: R.I. Gen. Laws § 39-2-1.2




Authority 2: RIEDC Rules and Regulations for the Renewable Energy Development Fund
Date Effective 2008-12-15
Date Enacted 2008-11-24

















  • Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]

References

  1. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency (DSIRE)"